Thu, Jun 13, 9:12 PM (86 days ago)
VNUE, Inc.'s Form 10-Q for the quarter ended March 31, 2024, highlights several key financial metrics and operational updates. The company reported a slight increase in revenue to $106,177, up from $88,745 in the same period in 2023, primarily due to improved performance at its Stage It subsidiary. However, VNUE continues to face significant financial challenges, including a net loss of $251,145 for the quarter and an accumulated deficit of $38,484,937. The company also has a negative working capital of $6,010,099, raising substantial doubt about its ability to continue as a going concern. Operating expenses decreased to $192,087 from $352,693 in the prior year, attributed to lower professional fees, payroll, and general administrative expenses. The company used $128,355 in cash for operating activities and had $42,660 in cash on hand as of March 31, 2024. VNUE's financial position is further strained by ongoing litigation and disputes over convertible notes. The company’s ability to secure additional financing remains uncertain, especially after the SEC settlement with its former auditor, BF Borgers CPA PC, which impacts its ability to utilize its equity line of credit. Management is seeking new funding sources to address these challenges.